Macroeconomic uncertainty and firms? investment in China

被引：1
|
作者：
Feng, Zhuozhao [1 ]
Lin, Juan [2 ,3 ]
机构：
[1] East Money Informat Co Ltd, Shanghai, Peoples R China
[2] Xiamen Univ, Sch Econ, Dept Finance, Xiamen, Peoples R China
[3] Xiamen Univ, Wang Yanan Inst Studies Econ, Xiamen, Peoples R China
来源：
ECONOMICS LETTERS | 2023年 / 226卷
基金：
中国国家自然科学基金;
关键词：
Downside macroeconomic uncertainty; COVID-19; outbreak; Firms? investment; Upside macroeconomic uncertainty;
D O I：
10.1016/j.econlet.2023.111095
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper constructs macroeconomic uncertainty indices for China from 2009 to 2021 based on the distribution of forecast errors of major macroeconomic variables. The indices effectively capture the economy's deep slump and rebound in 2020. This study reveals a negative relationship between macroeconomic uncertainty and firms' investment, with downside uncertainty having a larger negative impact than upside uncertainty.(c) 2023 Elsevier B.V. All rights reserved.
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